Shawbrook Group PLC Acquisition of Bluestone Mortgages Limited (BML) (4299T)

TIDMPH56

RNS Number : 4299T

Shawbrook Group PLC

20 March 2023

 
      Shawbrook Group plc - Shawbrook to acquire Bluestone Mortgages 
                              Limited ("BML") 
 Shawbrook Group plc (the Group) today announces that it has 
  signed an agreement to acquire Bluestone Mortgages Limited ("BML"), 
  a specialist mortgage lender focused primarily on owner-occupied 
  mortgages. 
 
  BML, part of the Bluestone Group, was established in 2014 and 
  has rapidly secured a notable share of the UK specialist mortgage 
  market through a compelling product and service proposition. 
 
  Since first establishing a platform lending arrangement in 2017, 
  Shawbrook has maintained a successful relationship with BML. 
 
  The two organisations also share an approach to providing specialist 
  finance at scale, which combines technology and data with the 
  expertise and judgement of their people. This 'best of both' 
  model is key to delivering a seamless digital experience with 
  swift decision making and certainty of funding. 
 
  Subject to satisfaction of the conditions precedent to the acquisition, 
  completion is expected to take place in Q2 2023. 
 Marcelino Castrillo, the Group's Chief Executive Officer commented: 
 "We are delighted to have strengthened our long-standing and 
  successful partnership with Bluestone Mortgages through this 
  acquisition. Bluestone Mortgages is a well-established brand 
  in the UK specialist residential mortgage market, and by bringing 
  the two organisations together, we can use our combined capabilities 
  and scale to offer an even stronger proposition to UK homeowners. 
 
  Driven by increasing numbers of people choosing to work for 
  themselves or in sectors where incomes are complex, we anticipate 
  significant long-term growth in the specialist mortgage market. 
  With both Bluestone Mortgages and The Mortgage Lender brands 
  combined with Shawbrook's strong and stable balance sheet, the 
  Group is very well placed to consistently meet this growing 
  demand." 
 Steve Seal, Bluestone Mortgages' Chief Executive Officer, commented: 
  "This transaction is great news for Bluestone Mortgages, our 
  intermediary partners and our customers. Shawbrook has been 
  a long standing strategic partner for many years and joining 
  the Shawbrook Group is a natural step as we continue to grow 
  and develop the business. 
 
  We have exciting growth plans and the support available from 
  Shawbrook will help to accelerate these, enabling BML to provide 
  innovative lending solutions to the growing number of customers 
  who will need the support of a specialist mortgage lender." 
 
  For further information, please contact: 
  Stephanie Mackrell 
  Tulchan Communications 
  [e-mail] 
 
  For investor enquiries, please contact: 
  Murray Long 
  Head of Investor Relations 
  [e-mail] 
 
  About Shawbrook - Banking for the real world 
 
  Shawbrook is designed to accommodate individuality, diversity 
  and the dynamics of the modern world. We are driven by our purpose, 
  to power up ingenuity to create opportunity, every single day. 
 
  Leveraging strong digital capabilities to complement deep human 
  expertise, our 'best of both' proposition is ideally placed 
  to provide personalised finance solutions to those with immediate 
  and often complex needs. We offer a diversified range of practical 
  lending and savings products across three customer franchises 
  to serve consumers, businesses and real estate professionals. 
 
  Our advanced digital platform enables us to provide a differentiated 
  proposition to an expanding customer base. Our multi-channel 
  distribution and end-to-end digital capabilities are empowered 
  by our expert talent and partnerships with a range of leading 
  FinTech and data providers to deliver best-in-class customer 
  experiences. 
 
  The Group's lending activities are primarily funded by a stable 
  retail deposit book consisting of easy access and ISA accounts, 
  variable rate notice accounts and fixed rate fixed term accounts 
  (mostly one - five years). Shawbrook Bank Limited is an operating 
  entity of Shawbrook Group plc. Shawbrook Bank Limited is authorised 
  by the Prudential Regulation Authority and regulated by the 
  Financial Conduct Authority and the Prudential Regulation Authority 
  and is a member of the Financial Services Compensation Scheme. 
 

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March 20, 2023 03:00 ET (07:00 GMT)